Brent falls below $98 as Trump says new Iran strikes unlikely
Brent crude fell 75 cents to $97.57 a barrel Monday morning after President Trump said renewed strikes on Iran were "highly unlikely" if talks progress. Brent plunged 16% last week. Stock futures rose, though Nvidia slid before the bell.
AI-assisted · US Brief desk · Sources listed below
What happened
Brent crude fell 75 cents, or 0.75%, to $97.57 a barrel by 2:11 a.m. PT Monday, and US West Texas Intermediate lost 38 cents, or 0.4%, to $90.45, Reuters reported. Trump said Sunday he was highly unlikely to order fresh attacks on Iran as long as talks to end the war made progress.
Why it matters
Oil's slide eases one source of the inflation pressure markets are watching before Tuesday's report. KCM Trade's Tim Waterer said markets are still waiting to see whether Trump's "more measured" tone is a lasting shift or a temporary one.
More context
The backdrop: Brent plunged 16% last week, its steepest weekly drop since the start of the COVID-19 pandemic. "Oil continues to trade lower on hopes of a US-Iran peace deal rather than concrete signs of progress," Saxo Bank's Ole Hansen said. JPMorgan estimated a global oil surplus of 1.1 million barrels a day in September, widening to 1.4 million in October.
Risks still in play: Both the US and Iran reported ships hit in or near the Strait of Hormuz, the Houthis claimed an attack on Saudi Aramco's offices in Riyadh, and a Ukrainian drone attack set Russia's Kirishi refinery on fire, Reuters reported.
Stocks: Dow futures were up 376 points, or 0.73%, S&P 500 futures rose 0.40% and Nasdaq 100 futures added 0.21% at 2:10 a.m. PT, Reuters reported. Nvidia slid before the bell after its board opened an investigation of CEO Jensen Huang. October consumer prices are due Tuesday.
What would change the story: Real progress toward a US-Iran deal that reopens Hormuz, or renewed strikes and more tanker attacks that revive supply fears.
3 listed sources
- CNBC (Reuters), Oil falls as Trump signals restraint on Iran despite fresh shipping attacks, Nov. 9, 2026
- Investing.com (Reuters), Wall St futures rise after rough week, but Nvidia unsettles investors, Nov. 9, 2026
- Morningstar (Dow Jones), North American Morning Briefing: Stock Futures Up But Nvidia Slides Premarket on Huang Probe, Nov. 9, 2026
References listed by US Brief; a source count is not a verification score.
Editorial sourcing notes
Prices are Reuters snapshots: oil at 10:11 GMT (2:11 a.m. PT) and stock futures at 5:10 a.m. ET (2:10 a.m. PT) on Nov. 9, 2026. They will change during the trading day.
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